This is new for you… you might be excited or nervous as you think about owning your very first home! We understand and we will be your partners in this new experience.
When you're buying a first home, a Libro Coach will share bias-free advice. We can own this promise because our Coaches are not earning the commissions paid to mortgage brokers.
We will help you consider a comfortable mortgage which can weather changing interest rates. We want to see you enjoy your journey as a first time home buyer.
Tips for First Time Home Buyers
- Research mortgage down payment options: If you have less than a 20% down payment you’re required to get extra insurance through the Canada Mortgage & Housing Corporation (CMHC) and Genworth. You can use your RRSP towards your down payment under the Home Buyers’ Plan. Gifts from family can also be used.
- There's more to a mortgage than interest rates: While interest rates are important, it’s not everything. A mortgage has to make sense for you and your lifestyle. The cost of the house, the type of mortgage, the amortization period and payment options often have more of a bearing on costs vs. interest rates.
- Get pre-approved for a mortgage before you go shopping: Getting pre-approved for a mortgage means you know the amount you can afford.
- Say yes to a home inspection: It’s a good idea to agree to a home inspection since it can reveal information that will confirm your decision to buy or might make you rethink the property.
- Budget for everything: Don't forget the closing costs: Your Libro Coach will help you list all the unexpected costs including: property taxes, insurance, regular maintenance and renovations. A good rule of thumb for closing costs is: have 2% of the cost of the home set aside. Closing costs might include a home inspection fee, legal fees, property taxes, utilities and moving costs.
Here we discuss first homes & mortgages and how to relieve the stress that usually comes with the home buying process.
This episode is about budgeting, specifically "saving". Whether you're saving for your first home or for another big purchase, budgeting isn't just about cost-cutting.